MUMBAI, MAR 1: The International Finance Corporation (IFC), Washington has been allotted an equity stake in Moser Baer (India), the diversified products manufacturer.This will substantially hike the foreign holding in the company which is already pegged at around the 25 per cent mark. The public holds a hefty 37.41 per cent in the company, while institutions own a small holding of 3.49 per cent.
IFC of Washington will therefore hold just in excess of five per cent equity in the expanded equity of the company, according to back-of-the-envelope calculations.
The company is privately placing 9.88 lakh shares to the US-based financing agency on a preferential basis. Moser Baer India makes sundry industrial products, which include time recorders, floppy diskettes, aluminium tubes, aluminium conductors and double-paper covered conductors.
Moser Baer India, which has bases in three key bases at Noida, New Delhi and Calcutta, has floated subsidiaries in Germany and the United States recently to market itsbranded products. The company has also diversified into manufacture and export of herbal medicines and cosmetics. Moser Baer has also entered into an agreement with Mag Media, IMTC and RES - all from Germany - on a worldwide basis for supply of its entire production of 3.5-inch MFD of 1-MB and 2-MB capacity.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
